GRADE 12 ACCOUNTING SYLLABUS

Fixed assets
• Depreciation, asset acquisition and disposal at beginning, during and end of year

Inventory systems
• Concepts
• Periodic inventory system - Journals and Ledger
• Inventory valuation using FIFO method
• Inventory valuation using weighted average method

Companies
• Concepts and Ledger accounts, particularly those unique to Companies e.g. Income tax
• GAAP principles (historical cost, prudence, materiality, business entity rule)
• Accounting equation
• Adjustments
• Final accounts and financial statements with notes including Income Statement, Balance Sheet and Cash Flow Statement
• Analysis and interpretation of financial statements
• Analyse audit report

VAT
• Concepts and Calculations
• VAT input, VAT output and VAT control accounts

Manufacturing
• Costing Concepts
• Cost calculations
• Break-even
• Ledger accounts
• Production Cost Statement
• Trading Statement

Budgeting
• Concepts
• Debtors’ collection and Creditors’ payment
• Cash budgets
• Projected Income Statement

Ethics
• Code of ethics
• Professional bodies e.g. SAICA and policies, e.g. King Code

Internal control
• Basic procedures
• Internal audits